Westford USA, April 27, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the psychedelic drugs market will attain a value of USD 13.82 billion by 2030, with a CAGR of 13.93% over the forecast period (2022-2030). Psychedelic drug development and rising public awareness of the value of treating mental health disorders will be the key market growth drivers throughout the forecast period. The market's expansion depends on the ability to control excessive stress, anxiety and other mental diseases. The market expansion is anticipated to be fueled by government efforts, partnerships and mental health awareness programmes during the forecast period.
According to the SkyQuest, psychedelics have gained popularity during the past ten years due to their usage in human mental healing and treatment procedures and their capacity to heal the mind. Scientists and researchers are looking at the therapeutic potential of psychedelic substances that could provide a new depression therapy option. The substance's acceptance has grown to ongoing psychedelic drug research and development. These characteristics are anticipated to operate as market drivers since the positive effects of psychedelic substances have led to increased use in the United States and other countries.
Browse in-depth TOC on "Psychedelic Drugs Market"
- Pages - 242
- Tables - 200
- Figures – 78
Psychedelic is a class of hallucinogenic drugs that trigger non-ordinary states of consciousness. It involves many types of chemical substances, including LSD and chemicals extracted from plants. Additionally, it can change or enhance sensory perceptions and energy levels and has been reported to facilitate spiritual experiences. Psychedelic drugs are categorized into two drugs which are empathogens and dissociative drugs such as PCP and serotonergic such as LSD. These drugs are also used to treat major depressive disorders, treatment-resistant depression, panic disorder, post-traumatic stress disorder and opiate addiction, among others.
Prominent Players in Psychedelic Drugs Market
- Jazz Pharmaceuticals, Inc.
- Janssen Pharmaceuticals
- Pfizer Inc.
- Verrian
- Avadel
- Celon Pharma S.A.
- COMPASS
- F. Hoffmann-La Roche Ltd
- Hikma Pharmaceuticals PLC
- NeuroRx, Inc.
- PharmaTher Inc.
- Mind Medicine, Inc.
- Cybin Corp.
- GABA Therapeutics, Inc.
- EmpathBio
- DemeRx
- GH Research
- Entheon Biomedical Corp
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Gamma-Hydroxybutyric Acid Segment is Expected to Grow Due to the Rising Popularity of Pharmaceutical
In 2021, the gamma-hydroxybutyric acid segment will be the most popular due to the popularity of Jazz Pharmaceutical's Xyrem, one of the market's top psychedelic pharmaceuticals with a sizable market share. It is a Schedule I regulated substance, thus it needs to be prescribed by a doctor and under close observation. GHB is a prescription medication used to treat excessive daytime sleepiness. Gamma-hydroxybutyric acid has also been utilized in a few instances to treat alcoholism and drug withdrawal. In addition, GHB is used to treat narcolepsy and less frequently, alcoholism; however, it is unclear whether it is more effective than other alcoholic pharmacotherapies. In some cases, it is utilized off-label to treat bromalin.
North America is dominating the market for psychedelic drugs throughout the forecast period. The FDA's acknowledgement of sophisticated drug fusion portfolios derived from psychedelic medications has contributed to the expansion of the industry. In addition, significant market participants in this region and increased spending on R&D activities are driving the market expansion.
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Hospital pharmacies Segment is Anticipated to Grow Due to Rising Psychedelic Medications
The market segment with the biggest share in this is anticipated to be hospital pharmacies. As hospital pharmacies were heavily involved in treating patients' mental health illnesses during the COVID-19 pandemic, the demand for psychedelic medications soared and will continue to grow, which will further accelerate the segment's growth. Hospital pharmacies are becoming a more important distribution route as people's knowledge for mental health issues and the use of psychedelic medications for particular purposes is growing on a global scale. The market for psychedelic drugs in hospital pharmacies is expanding due to the fact that they are being used by patients while being prescribed by doctors and have been shown to have anti-inflammatory properties as well.
The psychedelic drugs market is also anticipated to expand gradually in the Asia Pacific region. With FDA approval, the country's sale of psychedelic substances has boosted research efforts. It is anticipated that the growing presence of major pharmaceutical companies in the nation for ketamine psychedelic medications and oncology-related treatment would accelerate the development of psychedelic substances for medical use.
A comprehensive analysis of the major players in the Psychedelic Drugs market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Psychedelic Drugs Market
- The Ketamine for Chronic and Serious, Medical Illness Programme was introduced by Numinous Wellness Inc., a mental health service provider that promotes novel therapies and scientifically supports the psychedelic-assisted therapies. The Numinous clinic in Utah, British Columbia and Quebec are likely be the first places in which new programme works. The business objective is to add more clinics within the programme reach in the upcoming months.
- In March 2022, results from a phase-3 clinical trial using the psychedelic substance 3,4 methylenedioxymethamphetamine (MDMA) in conjunction with psychotherapy for the treatment of PTSD were released. The results were published by The University of California researchers. According to their preliminary findings, the therapy is beneficial even in patients who are challenging to treat, like those with drug or alcohol use disorders.
Key Questions Answered in Psychedelic Drugs Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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